GIN: So you believe that paper currencies issued by various governments as they exist will continue, but they will be backed by gold?
Peter Schiff : They won’t continue as they exist because right now they have no value. They are backed by nothing.
Most paper money initially existed as a substitute for gold. That’s
what gave it value. But right now what gives a currency value is other
currency. Most countries hold reserves and the reserves are other
currencies. If you are a backing up the euro with the dollar, what’s
backing up the dollar?
I don’t think it is going to go to a point where all you have is
coins and bars of gold, but I do think that we are going to have to go
back to a monetary system based in gold, not based on paper. - in goldinvestingnews
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